Barclays recorded a pre-tax profit of £3bn ($4.1bn) in 2020, a 30% drop from the £4.4bn earned in 2019.
Attributable profit fared even worse as it dropped from £2.46bn to £1.53bn over the year, a 38% slide.
Furthermore, net income totalled £8.1bn in 2020 for Barclays, a 14% decrease year-on-year.
Operating expenses increased 1% to £13.7bn, including structural cost actions and additional COVID-19 related costs, resulting in a cost: income ratio, excluding litigation and conduct, of 63% compared to 63% in 2019.
Excluding structural cost actions of £368m, $150m in the previous year, and £95m spend to date of Barclays’ COVID-19 Community Aid Package, operating expenses would have been £13,270m compared to £13,435m in 2019, reflecting disciplined cost management and efficiencies, resulting in a cost: income ratio of 61%, a slight decreased from 62%.
Jes Stanley, chief executive, said: ““In a year in which the COVID-19 pandemic affected people across the globe, 2020 demonstrated our strengths, our values, and our resilience.
“Throughout the pandemic we have focussed on preserving the financial and operational integrity of the firm so that we can maximise our support for clients and customers, for colleagues, and for the communities in which we live and work.
“In the past year, we have helped companies to raise around £1.5tn through the global capital markets, extended around £27bn to businesses through UK government lending schemes, provided over 680k payment holidays to customers, waived around £100m of interest and fees, and committed £100m to charities through our COVID-19 Community Aid Package.
“2020 demonstrated the value of our diversified banking model, delivering resilient Group results even in a difficult macroeconomic period, driven by the performance of our CIB.”
He added: “Barclays remains well capitalised, well provisioned for impairments, highly liquid, with a strong balance sheet, and competitive market positions across the Group. We expect that our resilient and diversified business model will deliver a meaningful improvement in returns in 2021.”